Markets dip, consolidation expected; some gains registered

NSE nifty was down by 0.33 per cent or 74.10 to 22,022 points, while the BSE sensex was at 72,559 down by 0.37 per cent or 272 points.

A total of 3,307 stocks were actively traded, 1,345 advanced, while 1,783 declined and 179 stocks remained unchanged where 53 stocks hit a 52 week high and 44 stocks hit a 52 week low at 9.30 a.m on Tuesday.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Market is likely to consolidate this week in the absence of any known triggers for sharp up or down moves. Since the week is a truncated week of three trading days, volumes have dipped markedly indicating absence of significant directional move. The Fed’s optimistic message has imparted resilience to the mother market US and this will impart confidence in markets, globally.”

The strong growth momentum in the Indian economy will provide the fundamental support to the market. The recent trend of outperformance of the largecaps over the broader market, particularly the smallcaps, is likely to continue. Some froth in the broader market has been removed, but smallcap valuations continue to be high.

While the market consolidates around the current levels, dips can be used to buy high quality largecaps.”

Major gainers on the NSE at 9.30 am include, HDFC Life (2.02 per cent), Adani Ports (1.70 per cent), Adani Enterprises (1.66 per cent), Bajaj Finance (1.57 per cent), Coal India (1.41 per cent). Major losers include- Power Grid (-2.32 per cent), Britannia (-1.64 per cent), Maruti (-1.06 per cent), Bharti Airtel (-0.80 per cent), Infosys (-0.65 per cent)

BSE smallcap was down by 0.56% and midcap down by 0.18 per cent.

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